Module 18

Question 1

requires notice that a condition has been fulfilled or waived within a specific time period

Answer 1

condition precedent

Question 2

can only be fulfilled not waived

Answer 2

True condition precedent

Question 3

binding upon acceptance of the offer with the ability to terminate within a specific period

Answer 3

condition subsequent

Question 4

must sign the mutual release to release all parties from any claim by the brokerage

Answer 4

broker of record

Question 5

when is the trade record sheet prepared

Answer 5

when an offer is made

Question 6

evaluation to test the compliance program must take place every

Answer 6

2 years

Question 7

photo identification

Answer 7

must be issued by a federal or municipal body

Question 8

credit file single process method

Answer 8

must be in existence for 3 years to be used as verification

Question 9

excluded from identity verification

Answer 9

any activity related to property management

Question 10

business relationship

Answer 10

two transactions within 5 years

Question 11

LCRs and STRs are kept for

Answer 11

5 yrs

Question 12

LCRs/STRs must be reported within

Answer 12

15 days/30 days

Question 13

do not require identity info to be kept

Answer 13

public/government agencies

Question 14

required to report a deposit

Answer 14

receipt of funds report

Question 15

leads to pre-emptive offers

Answer 15

delayed offer presentation

Question 16

accepted offers are retained for

Answer 16

6 years

Question 17

rejected offers are retained for

Answer 17

1 year